Is the U.S. economy at a standstill as some data-mongers are saying because the huge, hole-filled umbrella called “growth” is hovering slightly above zero?
Or is the U.S. economy booming because we are adding 200,000 to 220,000 jobs per month while there are still 5.5+ million job openings?
Oddly enough, important indicators in all markets fell, as money pulled back to reconnoiter about the Federal Reserve, interest rates and the U.S. economy in general.
March was another strong month for the U.S. labor market, as jobs and wage growth increased more than expected.
There were 215,000 new nonfarm payrolls, according to Bureau of Labor Statistics data released Friday. February’s job growth data was revised upward by 3,000 people to 245,000.
Continued dollar weakness and buying in an oversold market sent gold, silver and platinum higher today. Palladium sat out the recovery from yesterday’s surprise drop in precious metals.
Yesterday, Fed Chairwoman Janet Yellen suggested that conditions were not quite right for the U.S. central bank to consider another interest rate rise very soon.
Today, the private jobs data firm, ADP, said that 200,000 new positions were added in the non-governmental sector in March.
When the head of the Fed speaks, people tend to listen more than they do to the secondary (non-voting) members. And today, Federal Reserve Chairwoman Janet Yellen delivered a crystal clear message.
Of course, there are many in the trading community that wish the side-talkers in the Fed, especially the ones who are FOMC non-voters, would walk the plank because they are pushing and pulling the financial world.
Tomorrow’s speech is the ideal opportunity for Chairwoman Yellen to put the world straight as to what she, if not the core of the FOMC, is thinking.
James Bullard, had of the St. Louis Federal Reserve Bank and a voting member of the Federal Open Market Committee felt a compulsion to comment on the decisions that he agreed with just last week.